TIDMGEO
RNS Number : 3864U
Georgian Mining Corporation
24 October 2017
Georgian Mining Corporation / EPIC: GEO / Sector: Natural
Resources
24 October 2017
Georgian Mining Corporation
Drilling Update from KB Gold Zone 2 and New Gold Discovery
Georgian Mining Corporation ('GEO' or the 'Company') is pleased
to announce drill results from a further 32 diamond drill holes
undertaken by Georgian Copper and Gold ('GCG'), GEO's 50% joint
venture company at Gold Zone 2 ('GZ2') at the Kvemo Bolnisi Copper
and Gold Project ('KB') on the Tethyan Belt in Georgia. The new
results will be incorporated in the existing JORC compliant Mineral
Resource estimate. In addition, a new gold target has been
identified to the west of the GZ2 Mineral Resource.
This programme focused on drilling around the known margins of
the GZ2 Mineral Resource, reconnaissance drilling of other channel,
soil and rock chip anomalies located to the east, north and north
east of GZ2 and a single drill hole testing an anomaly identified
to the west of GZ2.
Highlights
-- Gold oxide mineralisation intersected from surface included
peak individual gold assays over one metre intervals of 35.4g/t Au,
35.0g/t Au, 15.35g/t Au, 14.3g/t Au, 10.55g/t Au and 5.96g/t Au
-- Highlights from the gold oxide drilling include TGD094: 62.0m @ 1.1g/t gold ('Au') from 2.0m
-- Limits of the GZ2 Au oxide Mineral Resource now defined for initial mining target
-- New gold target discovered 150m to the west of the GZ2
Mineral Resource that returned a diluted intercept of 0.65g/t Au
over 143.8m from 117.20m (TGD093) including:
o 1.2m @35g/t Au from 67.0m
o 75.3m@ 0.46g/t Au from 117.2m
o 56.0m @1.03g/t Au from 205.0m
-- Intersected further high-grade copper mineralisation over
significant widths which will add to the underlying copper ('Cu')
sulphide Mineral Resource
-- Peak copper grades achieved during drilling include:
o TGD065: 16m @ 3.4% Cu from 188.0m; and
o TGD094: 35m @ 0.95% Cu from 67.0m which included 0.9m @ 15.24%
Cu
-- Drilling has identified potential sources of low-grade Au
oxide and copper sulphide mineralisation that might be suited to
alternative processing methods
Included in this drilling are the final 28 drill holes which are
now being integrated into the GZ2 resource to optimise the mine
plan prior to finalising the KB mining and processing
agreement.
Georgian Mining Corp Managing Director Greg Kuenzel said, "The
completion of this phase of drilling will enable us to further
develop the geological model at the KB Project. In addition, the
results will better define future open pit limits for the gold
oxide mineralisation at GZ2, as well as the initial mining target
prior to finalising the KB mining and processing agreement with our
partner as we look to deliver 'proof of concept' copper and gold
production at the Project.
"There will also be an addition to the Mineral Resource estimate
based on some of the positive intercepts achieved in drilling and
this will also flow through to the copper sulphide estimate. The
results are with our external Resource consultant for inclusion in
an updated Resource estimate."
To view a version of the announcement which includes photos
taken during the site visit, please click the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3864U_-2017-10-23.pdf
Au Oxide Drilling
The drilling comprised a suite of drill holes around and within
the GZ2 Mineral Resource specifically to define the limits of the
Zone and, where applicable, add further tonnes and gold ounces to
the Mineral Resource.
Peak intercepts are illustrated below in Table 1.
Hole ID From To Width Grade Grade
(m) (m) (m) (% Cu) (g/t Au)
--------- ------- -------- ------ -------- ----------
TGD065 2.0 3.0 1.0 0.14 2.92
11.0 16.0 5.0 0.10 0.50
66.0 73.9 7.90 0.10 2.60
--------- ------- -------- ------ -------- ----------
TGD066 0.00 13.0 13.0 0.10 1.07
80.0 87.0 7.00 0.10 2.19
--------- ------- -------- ------ -------- ----------
TGD067 93.0 105.9 12.90 0.47 0.40
--------- ------- -------- ------ -------- ----------
TGD068 0.00 2.00 2.00 0.10 0.58
--------- ------- -------- ------ -------- ----------
TGD069 3.00 30.0 27.0 0.14 0.97
--------- ------- -------- ------ -------- ----------
TGD070 16.4 19.8 3.40 0.10 4.90
--------- ------- -------- ------ -------- ----------
TGD071 0.00 2.80 2.80 0.10 1.09
--------- ------- -------- ------ -------- ----------
TGD073 18.0 23.0 5.00 0.10 0.55
--------- ------- -------- ------ -------- ----------
TGD075 0.00 13.0 13.0 0.40 0.33
--------- ------- -------- ------ -------- ----------
TGD080 97.60 99.30 1.70 0.77 10.61
--------- ------- -------- ------ -------- ----------
TGD082 67.0 86.0 19.0 0.10 0.54
--------- ------- -------- ------ -------- ----------
TGD083 11.0 23.0 12.0 0.10 0.48
83.0 91.50 2.50 0.14 1.60
--------- ------- -------- ------ -------- ----------
TGD086 0.00 4.00 4.00 0.10 3.84
--------- ------- -------- ------ -------- ----------
TGD087 153.8 184.0 30.20 0.10 0.42
190.0 190.80 0.80 0.14 8.83
--------- ------- -------- ------ -------- ----------
TGD088 30.0 33.0 3.00 0.15 16.95
51.0 56.0 5.00 0.34 3.00
--------- ------- -------- ------ -------- ----------
TGD094 2.00 62.0 62.0 0.10 1.10
--------- ------- -------- ------ -------- ----------
TGD095 1.00 5.40 5.40 0.10 0.51
--------- ------- -------- ------ -------- ----------
Table 1: Gold Zone 2 ("GZ2") Drill Results in the Gold Oxide
Zone of Gold Zone 2 ("GZ2") and Immediate Vicinity
The results will now be presented to the external Resource
consultant for inclusion in the Mineral Resource estimate for gold
oxides.
Cu Sulphide Drilling
Some drill holes were extended into the underlying Cu sulphide
mineralisation and these are expected to add to the global Cu
Mineral Resource. Peak intercepts are illustrated in Table 2.
Hole ID From To Width Grade Grade
(m) (m) (m) (% Cu) (g/t Au)
--------- ------ ------ ------ -------- ----------
TGD065 188.0 204.0 16.0 3.40 0.11
--------- ------ ------ ------ -------- ----------
TGD067 93.0 105.9 12.90 0.47 0.40
--------- ------ ------ ------ -------- ----------
TGD072 84.0 115.0 31.0 0.45 0.10
--------- ------ ------ ------ -------- ----------
TGD075 0.00 13.0 13.0 0.40 0.33
--------- ------ ------ ------ -------- ----------
TGD084 0.00 73.0 73.0 0.33 0.10
--------- ------ ------ ------ -------- ----------
TGD091 0.00 11.0 11.0 0.38 0.10
17.0 27.0 10.0 0.69 0.10
--------- ------ ------ ------ -------- ----------
TGD094 67.0 102.0 35.0 0.95 0.10
--------- ------ ------ ------ -------- ----------
Table 2: Kvemo Bolnisi ("KB") Copper Sulphide Drill Results
Peak intercepts include TGD065 with 3.4% Cu over 16.0m from
188.0m depth and TGD094 with 0.95% Cu over 35.0m from 67.0m depth.
A number of interesting lower grade copper intercepts were also
achieved including TGD084 with 0.33% Cu over 73.0m and, TGD072 with
0.45% Cu over 31.0m. Further work is required to evaluate the
potential for a large tonnage of lower grade copper mineralisation
that may be suited to alternative processing methods over and above
that destined for the neighbouring flotation plant.
New Gold Discovery
The discovery of a substantial width of gold mineralisation to
the west of GZ2 in drill hole TGD093 below approximately 59m of
unconsolidated alluvial sediments that mask any geophysical and
geochemical response.
Hole ID From To Width Grade Grade
(m) (m) (m) (% Cu) (g/t Au)
-------- ------- ------- ------ -------- ----------
TGD093 59.9 69.0 9.10 0.10 4.76
117.2 161.0 43.8 0.10 0.47
163.0 177.0 14.0 0.17 0.33
186.0 192.5 6.50 0.10 1.26
204.0 261.0 57.0 0.10 1.02
-------- ------- ------- ------ -------- ----------
Table 3: TGD093 Drill Hole Intercept Assay Results for Copper
and Gold.
Accepting no limitation on internal waste, the deeper
mineralised intercept starting at a depth of 117.2m returned a gold
grade of 0.64g/t Au over 143.8m. Reducing internal waste to no more
than 1.0m widths, the zone returns four mineralised intercepts
ranging from 0.33g/t Au over 14m and 1.26g/t Au over 6.5m (with
other intercepts including 1.02g/t Au over 57m, 0.47g/t Au over
43.8m and 4.76g/t Au over 9.10m). In addition, a sample of 1.2m
returned an assay of 35g/t Au from 67.0m within the zone of oxides
adding to the potential of the existence of higher grade gold
oxides towards the interface with the overlying unconsolidated
overburden.
The deeper gold mineralisation represents gold associated with
sulphides (pyrite and sphalerite), which differs from the gold
oxide mineralisation reported in Gold Zones 1 and 2 at KB. This
intersection is further proof of the variety of mineralisation
styles typically found in low sulphidation epithermal environments
and further exploration drilling will be allocated to this new
discovery to test the extent of this ore type.
Full table of significant intercepts.
Hole ID From To Width Grade Grade
(m) (m) (m) (% Cu) (g/t Au)
------------ ------- ------------ ----------- -------- ----------
TGD065 2.0 3.0 1.0 0.14 2.92
11.0 16.0 5.0 0.10 0.50
66.0 73.9 7.90 0.10 2.60
188.0 204.0 16.0 3.40 0.11
inc
------------ ------- ------------ ----------- -------- ----------
TGD066 0.00 13.0 13.0 0.10 1.07
80.0 87.0 7.00 0.10 2.19
inc 83.0 85.0 2.00 0.10 5.96
------------ ------- ------------ ----------- -------- ----------
TGD067 93.0 105.9 12.90 0.47 0.40
------------ ------- ------------ ----------- -------- ----------
TGD068 0.00 2.00 2.00 0.10 0.58
------------ ------- ------------ ----------- -------- ----------
TGD069 3.00 30.0 27.0 0.14 0.97
------------ ------- ------------ ----------- -------- ----------
TGD070 16.4 19.8 3.40 0.10 4.90
------------ ------- ------------ ----------- -------- ----------
TGD071 0.00 2.80 2.80 0.10 1.09
23.0 41.0 18.0 0.27 0.10
------------ ------- ------------ ----------- -------- ----------
TGD072 84.0 115.0 31.0 0.45 0.10
------------ ------- ------------ ----------- -------- ----------
TGD073 18.0 23.0 5.00 0.10 0.55
------------ ------- ------------ ----------- -------- ----------
TGD074 175.0 178.0 3.00 1.45 0.10
182.0 187.0 5.00 0.46 0.10
------------ ------- ------------ ----------- -------- ----------
TGD075 0.00 13.0 13.0 0.40 0.33
------------ ------- ------------ ----------- -------- ----------
TGD076 0.00 4.00 4.00 0.10 0.27
------------ ------- ------------ ----------- -------- ----------
TGD077-079 No Significant Intercepts
------------ ------- ------------ ----------- -------- ----------
TGD080 97.6 99.3 1.70 0.77 10.61
inc 98.10 99.10 1.00 0.10 14.30
------------ ------- ------------ ----------- -------- ----------
TGD081 No Significant Intercepts
------------ ------- ------------ ----------- -------- ----------
TGD082 67.0 86.0 19.0 0.10 0.54
------------ ------- ------------ ----------- -------- ----------
TGD083 11.0 23.0 12.0 0.10 0.48
89.0 91.50 2.50 0.14 1.60
inc 90.8 91.50 0.70 0.10 3.87
------------ ------- ------------ ----------- -------- ----------
TGD084 0.00 73.0 73.0 0.33 0.10
------------ ------- ------------ ----------- -------- ----------
TGD085 No Significant Intercepts
------------ ------- ------------ ----------- -------- ----------
TGD086 0.00 4.00 4.00 0.10 3.84
2.00 3.00 2.00 0.10 10.55
------------ ------- ------------ ----------- -------- ----------
TGD087 153.8 184.0 30.20 0.10 0.42
------------ ------- ------------ ----------- -------- ----------
TGD088 30.0 33.0 3.00 0.15 16.95
51.0 56.0 5.00 0.34 3.00
------------ ------- ------------ ----------- -------- ----------
TGD089-90 No Significant Intercepts
------------ ------- ------------ ----------- -------- ----------
TGD091 0.00 11.0 11.0 0.38 0.10
17.0 27.0 10.0 0.69 0.10
------------ ------- ------------ ----------- -------- ----------
TGD092 No Significant Intercepts
------------ ------- ------------ ----------- -------- ----------
TGD093 59.9 69.0 9.10 0.10 4.76
Inc 67.0 68.2 1.20 0.10 35.0
117.2 161.0 43.8 0.10 0.47
163.0 177.0 14.0 0.17 0.33
186.0 192.5 6.50 0.10 1.26
204.0 261.0 57.0 0.10 1.02
Inc 233.0 238.0 5.00 0.10 4.44
------------ ------- ------------ ----------- -------- ----------
TGD094 2.00 62.0 62.0 0.10 1.10
67.0 102.0 35.0 0.95 0.10
100.0 118.0 12.0 0.24 0.10
------------ ------- ------------ ----------- -------- ----------
TGD095 1.00 6.40 5.40 0.10 0.51
12.0 14.0 2.00 0.10 0.23
16.0 20.0 4.00 0.18 1.00
56.0 58.0 2.00 0.33 1.54
------------ ------- ------------ ----------- -------- ----------
TGD096 37.0 57.0 20.0 1.74 0.28
Inc 38.0 43.0 5.00 4.14 -
58.0 64.0 6.00 0.23 0.10
73.0 75.0 2.00 0.12 0.61
79.0 83.0 4.00 0.16 0.10
91.0 114.0 23.0 0.50 0.10
119.2 132.0 12.8 0.42 0.10
Inc 124.8 125.2 0.40 4.98 0.10
135.5 168.8 33.3 1.00 0.10
Inc 135.5 136.1 0.60 14.02 0.10
------------ ------- ------------ ----------- -------- ----------
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Competent Person Statement
The information in this announcement that relates to Exploration
Results, Mineral Resources or Ore Reserves is based on information
compiled by James Royall, who is a Member of the Australian
Institute of Geoscientists.
James Royall has sufficient experience, relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking, to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves' and as a qualified person as defined in the Note for
Mining and Oil & Gas Companies which form part of the AIM Rules
for Companies. James Royall has reviewed this announcement and
consents to the inclusion in the announcement of the matters based
on his information in the form and context in which it appears.
**S**
For further information please visit www.georgianmining.com or
contact:
Greg Kuenzel Georgian Mining Company Tel: 020 7907
Corporation 9327
Ewan Leggat S. P. Angel Corporate Nomad & Tel: 020 3470
Finance LLP Broker 0470
Soltan Tagiev S. P. Angel Corporate Nomad & Tel: 020 3470
Finance LLP Broker 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 0207
LLP 186 9950
Frank Buhagiar St Brides Partners PR Tel: 020 7236
Ltd 1177
Susie Geliher St Brides Partners PR Tel: 020 7236
Ltd 1177
About Georgian Mining Corporation
Georgian Mining Corporation has 50% ownership and operational
control of the Bolnisi Copper and Gold Project in Georgia, situated
on the prolific Tethyan Belt, a well-known geological region and
host to many high-grade copper-gold deposits and producing mines.
The Bolnisi licence covers an area of over 860 sq km and has a
30-year mining licence with two advanced exploration projects;
Kvemo Bolnisi and Tsitsel Sopeli. These projects are nearby
existing mining operations owned by the Company's supportive joint
venture partner. Georgia has an established mining code and is a
jurisdiction open to direct foreign investment.
GCG is developing the project in three phases:
-- Phase 1: H1 2017 target to delineate a minimum of 1-2 Mt to
support initial spare capacity (now achieved and exceeded)
-- Phase 2: 2017 target to delineate a 3-5 Mt resource of
combined copper-gold sulphide and gold oxide mineralisation
(achieved)
-- Phase 3: Long term target - to delineate a resource of 50Mt+
The company news service from the London Stock Exchange
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